Wednesday 1 July 2009 17.03 EDT
First published on Wednesday 1 July 2009 17.03 EDT

U2 are not a band to do things by halves. But when their new 360° tour opened in Barcelona yesterday, with a dramatic mid-show live link-up to the International Space Station, it put previous tours in the shade.

The band kicked off their first tour in three years to a deafening crowd of 90,000 inside Nou Camp, Barcelona, the first of 3 million fans in 31 cities expected to see the concerts. With more dates expected to be announced in 2010, it is likely to be the band's most profitable tour. Its scale underlines the increasing importance of live music in an industry battered by declining sales and online piracy.

At an estimated cost of more than $100m, 360° is the band's most expensive tour. But it is money well spent, according to industry experts, and has the potential to eclipse takings from the 2005-06 Vertigo tour, which earned U2 a cool $389m.

With its circular stage that takes 120 lorries to transport, a 50-metre, four-legged structure to carry the sound system and a set Bono describes as "a space station designed by Gaudi", U2 hardly looked like a band struggling to cope with the recession. But they acknowledged that fans may have sacrificed more than usual to see the spectacle.

"All around Spain, all around the world, things are difficult. Thank you for coming back to us again and again," Bono told the rapturous crowd.

With lower than average ticket prices ranging from around £30 to £160, each show has around 10,000 at the lowest price, thanks to the 360° stage, which increases a stadium's capacity by 20%, according to U2's manager, Paul McGuinness.

Despite having high hopes for the tour, it remained a huge risk, he said. "This is the biggest tour we've ever done, and certainly the most expensive production we've ever put on. It's a gigantic throw of the dice."

With 94% of tickets for the 44 gigs currently sold, the tour has already grossed $300m at the box office. Factor in the significant sums likely to be made from sponsorship deals and merchandising, and the signs are promising.

In the current climate, live music and international tours are more important than ever, according to Jazz Summers, manager of bands such as the Verve and La Roux. "Making money from records is a relatively recent phenomenon," he said. "If you look back at bands like Led Zepplin in the 70s, they made a fortune from touring, and we appear to be moving back in that direction.

"Unless you are Coldplay or Eminem, you are not making a huge amount from royalties. The main area you are going to make money is from live ticket sales and the sponsorship that goes along with it."

Will Page, chief economist at PRS for Music, said: "It appears that, for the major music festivals and tours this year, live is getting an increasing share of a decreasing pie. We're in the middle of a credit crunch where all sorts of discretionary spending is being cut back, yet people are still willing to fork out the necessary money – often more money that was required this time last year – to get to see their favourite festival or touring act."

Recent figures from the organisation revealed that UK music tour revenues increased by 30% last year, mainly driven by more established acts such as Neil Young, Neil Diamond and Bon Jovi, as well as recently reformed groups such as the Spice Girls and Take That. "Whilst the boom in live music is to be celebrated, there would appear to be a growing gap in the share of the spoils between the hits which would be dominated largely by heritage acts and the rest of the pack, in particular the mid-priced touring acts," said Page.

Indeed, finding the resources to tour is increasingly difficult in a more cash-strapped industry, said Jon Webster, CEO of the Music Manager's Forum. "It is really only the top end, bands like U2, who are making shed loads, you really have to get up the ladder before you start making anything. After production costs smaller acts playing to 800 people can struggle to break even."

But as U2 linked up by video to the International Space Station half-way through the Barcelona show, such worries must have seemed light years away. "Commander, can you see Barcelona?" asked Bono. For the band's elevated and enviable position in the music world, the view must be as positive as for the astronaut who replied: "Right now the most beautiful sight in our cosmos is the blue planet earth."